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Cruise & Maritime Voyages goes into administration

Cruise & Maritime Voyages, CMV, cruise, cruising, Vasco Da Gama, ship visits

Cruise & Maritime Voyages (CMV) has entered administration after failing to secure additional funding.

The Essex-based cruise line has ceased trading with immediate effect, as has its international sales offices in Australia, France, the United States and Germany, it has been confirmed.

CMV originally announced as suspension of sailings as a result of the coronavirus (Covid-19 pandemic) back in March.

The line operated six ocean ships and was planning for the arrival of its seventh, Amy Johnson, in 2021.

In June, the line confirmed it was in talks with a range of parties in a bid to improve its liquidity position. At the time it said it was confident of reaching an agreement.

In a statement, chief executive Christian Verhounig said that the company had worked “tirelessly” to secure the necessary funding but despite a positive “forward booking position”, it could “not get the financing deal over the line”.

Verhounig added: “The directors have all worked tirelessly with CMV’s financial advisors, investment bankers, lawyers, and numerous private equity and hedge fund investors to try and secure the funding required to enable CMV to weather the storm.

“Only last year CMV was celebrating a record trading year and our first decade in cruising but the CMV journey has tragically been cut short by this unprecedented global pandemic.

“Prior to the onset of Covid-19, we had sold nearly 90 per cent of 2020 capacity and we had bullish prospects for the future having sold nearly 50 per cent of 2021 UK capacity.

“Despite this positive forward booking position, we could just not get the financing deal over the line in time to save this wonderful business.

“We are truly sorry to our loyal and hard-working shoreside staff and seafarers, travel trade partners and suppliers who have all patiently stood by us and to our valued passengers for the disappointment and further disruption to their cruising holiday plans.

“On behalf of the CMV family, directors and shareholders, I would like to thank everyone for their great support and sincerely apologise for these circumstances which are directly related to Covid-19 and beyond our control.”

Administrators Duff & Phelps have been appointed joint administrators of CMV and sister companies South Quay Travel & Leisure Ltd, Independent Coach Travel (Wholesaling) Ltd and Viceroy Ltd.

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